Macro hedge funds delivered highly divergent returns in the first half of 2025, as shifting US trade policy and geopolitical tensions contributed to an uneven investing landscape, according to a report by Institutional Investor.
Bridgewater Associates emerged as one of the strongest performers, with its flagship Pure Alpha fund gaining 17% year-to-date. The firm’s All Weather and Asia Total Return strategies also delivered solid results, up 8% and 18%, respectively. The performance follows strategic changes made in 2023 under the leadership of CEO Nir Bar Dea and co-CIOs Karen Karniol-Tambour, Bob Prince, and Greg Jensen.
Caxton Associates also posted strong results. Caxton Macro, managed by Andrew Law, climbed 13.5% for the first half, while Caxton Global Investments rose 9.5%. Gains were driven by positions in European defense and banking stocks, as well as trades related to U.S. dollar weakness.
Discovery Capital Management, which combines macro with global equity strategies, rose 2.5% in June, bringing its first-half return to 12.5%. The firm has since reduced risk exposure, aiming to maintain flexibility over the summer months amid concerns about market complacency.
Rokos Capital Management posted a 2.58% gain in June and ended the first half up 12.26%, according to sources familiar with the results.
However, not all macro funds fared well. BH Macro gained 1.42% in June but remains down 0.65% for the year. Haidar Jupiter continued to struggle, losing another 2% in June and extending its year-to-date losses to 21.34%. The firm attributed earlier losses primarily to its fixed-income strategy, which still represented the largest portfolio allocation heading into the month.
